Callouts & quotes from 597+ activist slides

"The size and influence of PepsiCo’s corporate has expanded over the years, to the detriment of company culture."

"To see how APP collects identities fingerprints to create its PIGs follow the steps below (best results in US)."

">Even if Wakix increased histamine levels, Bioprojet admits it has no correlation with narcolepsy or sleepiness"

"Bob Evans should take steps to unlock the substantial value inherent in these 482 owned restaurant properties."

"EPS has grown at a significantly lower rate than the consumer staples index and key competitors like Coca-Cola"

"However, just because they are still partners, doesn't change the reality that Pepsi may have sold its stock."

"The whole different culture, I think that's the biggest thing that keeps anybody from even trying to buy it."

"Pro forma for the Transaction, Target Corp’s long-term EPS growth rate would be at the top of its peer group"

"Pro forma for the Transaction, Target Corp’s long-term EPS growth rate would be at the top of its peer group"

"NOP surgeon incompetence leads to unusable organs, that TransMedics keeps trying to pawn to one center after"

"We Estimate That DV's EPS Met Consensus If Not For Underestimating / Delaying $2.8M of Expense Recognition"

"Despite spending over $600m of shareholder capital, Deckers' market cap and EPS have declined dramatically"

"Will AVY's Board Clawback The CEO's Bonus In 2018 For Paying Him On An Artificially Inflated EPS Figure?"

"our research suggests that removing reps from the OR may prove difficult, thus perpetuating these costs."

"Investors should take note of management's willingness to use these accounting changes to influence EPS."

"Investors should take note of management's willingness to use these accounting changes to influence EPS."

"Of all companies, Mondelez has no “moral” right to “just say no” to a value-creating offer from PepsiCo."

"Value creation is tremendous – 57% EPS accretion and stock prices of $35-40, representing 57-77% upside"

"If Pepsi still owns >5%, why haven't they filed a 13D and why don't they show up as major shareholder?"

"Midpoint of Company revenue guidance is for the rest of the business ex-EPS and auto sheet to shrink!"

"After only one quarter, Maxar resorted to accounting changes to artificially boost its EPS guidance."

"The $20.0 billion repurchase has modest advantages in terms of Free Cash Flow and EPS growth at TWX."

"Epstein was not just happy. He said the Rixos training for his masseuse changed his life and theirs."

"A 90% FRANCHISE MODEL COMBINED WITH SHARE REPURCHASES DRIVES EPS ~100% HIGHER THAN THE CURRENT PLAN"

"and will take decisive steps to raise Sumitomo Realty’s corporate value and enhance its governance."

"On current consensus EPS estimates for 2015, AerCap's stock trades at an attractive 8.5x earnings."

"If PepsiCo does not pursue a Mondelez transaction, we believe it must separate snacks / beverages."

"50% cut in Adj. EPS, the most directly comparable metric of change in performance over this period"

"Since 2006, EPS has declined 7% and State Street's earnings multiple has contracted significantly"

"Spruce Point's adjusted EPS estimates are 36% lower than Globant's adjusted reported EPS results."

"P&G claims that a reduction in tax rate drove EPS growth at Heinz from '06 - '11 — Trian Partners"

"We believe there are immediate steps the Company can take to restructure sales force incentives."

"CTC made two credit related accounting changes and realized an EPS benefit from the adjustments"

"The $900mm cost opportunity alone generates ~$2.50 of EPS or $30 per share of value at 12x EPS"

"We believe PepsiCo significantly overpaid for exposure to perhaps the riskiest emerging market"

"Harmony speakers are actively pushing the drug off-label for EDS in the absence of narcolepsy"

"Illustrative 2022 PF EPS under best-in-class management implies ~18% to ~48% earnings upside"

"In June 2001, investors could have purchased Jarden’s shares at ~0.4x 2016 Consensus EPS(1)"

"In June 2001, investors could have purchased Jarden’s shares at ~0.4x 2016 Consensus EPS(1)"

"Why Wasn't The $0.15 Cents Benefit From ASU Adoption Called Out As A Driver Of EPS Growth?"

"It is clear to us that GTT's sales reps are fighting an uphill battle for organic growth."

"In 2008, investors could have purchased Valeant's shares at ~0.3x 2016 Consensus EPS(1)"

"EPS growth has averaged 10% over the past six years versus 7% over the pre-COVID period"

"In 2008, investors could have purchased Valeant's shares at ~0.3x 2016 Consensus EPS(1)"

"And EPS is growing slower than the industry supplier... How can there be share gains?"

"Actual Income Taxes, Net of Refunds Keeps Rising Despite Negative Effective Tax Rate"

"It is difficult to justify current super-premium multiple (36x FY2012 EPS estimates)"

"The gap between W's stock price and consensus 2018 adj. EPS estimate is confounding."

"Into The Recession (2007-2008), DuPont’s EPS Growth Underperformed Peers by 3,000bps"

"We believe PepsiCo Beverages has many similar traits and can be modeled after Kraft"

"There's just not a lot of open running room for Wakix in the setting of narcolepsy."

"BK only achieved $2.56 of cash EPS in 2014 (24% below 2009 targets, 5 years later)"

"PepsiCo's 10.1% EBIT margin outside the Americas suggests significant opportunity."

"Really: Is This True? Then Why did Bunge issue 4-year EPS guidance in July 2022(1)"

"PepsiCo’s EBIT(1) margin (before advertising expense) is well below the peer group"

"Their conclusion is unambiguous: EPS and PCC are substantially similar businesses"

"Trian’s operating plan results in 18% EPS growth per annum over the next 5 years:"

"We believe a $3 billion stock repurchase program could be 15-20% accretive to EPS"

"We believe PepsiCo may have mortgaged its long-term future in key growth markets"

"Monetizing stake could unlock value and drive mid-single digit % EPS accretion"